The Pensions Board of Shropshire Council was scheduled to meet on Friday, 3 October 2025, to discuss administration and regulatory updates, as well as receive feedback from Pensions Committee meetings. The meeting's agenda also included an economic update and a governance update, with some items scheduled for exclusion of the press and public.

Administration and Regulatory Updates

The Board was scheduled to receive a report detailing the team's workloads and performance, alongside ongoing projects such as the 2025 valuation, Annual Benefit Statements, and the implementation of Pension Dashboards. The report was also set to cover regulatory changes and the work undertaken by the Scheme Advisory Board.

Key performance indicators (KPIs) for the period of April to June 2025 were to be presented, with 9 out of 16 KPIs reportedly achieving at least 95% of cases completed within legal timeframes. Areas not meeting targets, such as early leavers and member estimates, were to be addressed with explanations for the shortfalls and planned improvements. The report also detailed helpdesk statistics, website usage, and the progress of staff undertaking professional qualifications in pensions administration.

The report highlighted the ongoing work on several projects, including the fund's valuation, which involves collating data for the actuary to calculate funding levels and employer contribution rates from April 2026. This process will also lead to the review and update of fund policies such as the funding strategy statement and investment strategy. The production of Annual Benefit Statements for active and deferred members was also on the agenda, with the majority to be made available via 'my pensions online'.

Updates on regulatory changes were to be provided, including HM Treasury's response to consultations on inheritance tax changes affecting pension funds, the revival of the Pensions Commission to address retirement savings, and the third review of the State Pension Age. The report also noted potential impacts on pensions from an upcoming government budget.

The Scheme Advisory Board (SAB) had issued a statement following the Government's response to the Fit for Future consultation, welcoming clarity on reform direction but noting the significant risks associated with the pace of change. The Board had also surveyed funds regarding the diversity of representation on committees and Boards.

Pensions Committee Reports and Feedback

Members of the Pensions Board were scheduled to have the opportunity to raise questions following recent Pensions Committee meetings held on 20 June 2025 and 19 September 2025. The reports considered by the Pensions Committee at its meetings on 6 December 2024 and 21 March 2025 had been made available to the Board.

Economic Update

An exempt report concerning the general economic conditions and their impact on pension fund investments in the first quarter of 2025 was scheduled for discussion.

Governance Update

A report was to be presented detailing breaches of Local Government Pension Scheme (LGPS) regulations recorded between April 2024 and March 2025 affecting the Shropshire County Pension Fund. This update was also to include information on other governance issues and appeals received under the Internal Disputes Resolution Procedure (IDRP), along with an updated version of the Board's Terms of Reference.

Previous Meeting Minutes

The minutes of the previous Pensions Board meeting held on 23 May 2025 were scheduled for confirmation. The minutes from that meeting indicated discussions on administration and regulatory updates, including Key Performance Indicators (KPIs), pension increases, valuations, and the Pensions Dashboard. Concerns were raised about the workload generated by ensuring new Pensions Committee members understood their roles and responsibilities. Regulatory updates discussed included the fit for future consultation, inheritance tax on pensions, changes to the minimum pension age, and the implementation of the Pensions Dashboard.

The Board was also scheduled to review exempt minutes from the previous meeting, which were also to be confirmed.